Using a Shapeoko 5 Pro (2x4) and a Bits & Bits Foam Bit I can cut 2 inch foam...
The Faom I am using is called CROSSED-LINKED POLYETHYLENE (XLPE) - 2LB and comes in many colors
BIT FOUND HERE: https://bitsbits.com/product/430-st250-foam/
Spindle Speed: 14-16,000RPM
Feed Rate: 120-180IPM
Depth per cut: .250″ – 0.500″
SUPER GLUE USED: https://amzn.to/4f29zbJ
ACTIVATOR USED: https://amzn.to/3zZGO0j
FOAM FOUND HERE:
https://www.foambymail.com/product/cross-linked-polyethylene-2lb-colors.html